WASHINGTON (TheStreet) -- The Commerce Department is working to find new ways to help small businesses and entrepreneurs find new markets for their products by revamping its counseling programs, financing tools and other assistance.
U.S. Department of Commerce Secretary Gary Locke says the agency plans to create "one-stop shop" business advocacy centers across the nation to help small firms get the best government help that they can. The centers will operate as central contact points for every Commerce program available to business owners.
Small businesses are so overwhelmed with issues like trying to meet payroll that they can't be expected to have a consultant on board to navigate all the government's services and programs. He made the comments after a Thursday speech at the Minority Enterprise Development Conference in Washington.
Minority Business Development chief: Get big or get bought The fastest way to improve the prospects of minority-owned businesses is to persuade more owners to get on the M&A bandwagon, the head of the government's development efforts says.
(CNNMoney.com) -- David Hinson is the new administrator of the Minority Business Development Agency, a branch of the U.S. Department of Commerce that helps minority entrepreneurs start and grow their companies. Hinson, who started in July, was previously president and CEO of Wealth Management Network, an investment advisory firm in New York City.
The agency's top goal is to achieve entrepreneurial "economic parity," matching the percentage of businesses owned by minorities with their representation in the U.S. population. If that target is reached, MBDA believes minority companies would generate $2.5 trillion in annual revenues, create 16 million jobs and contribute $100 billion in annual taxes. Today, the nation's 4 million minority-owned firms have revenue of around $660 billion and employ 4.7 million workers.
SUBJECT: FINANCING MINORITY BUSINESSES IN CHALLENGING ECONOMIC TIMES
Federal News Service May 12, 2009 Tuesday
MS. GAMBRELL: Thank you for that kind introduction and it's an honor to be here today. I serve as the Director of the Community Development Financial Institutions (CDFI) Fund, an agency of the U.S. Department of the Treasury, promoting economic development and opportunities for organizations, including minority businesses, across the country. The CDFI Fund's mission is very similar to the objectives of this Capital Access Forum - to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and economically distressed communities within the United States. As such, I welcome the opportunity to speak before you here today, and to discuss our shared vision, by showing you the ways in which we are committed to seeing minority-owned enterprises succeed.
Before I begin however, I would like share a brief story. A few weeks ago, I had the opportunity to visit Detroit and Lansing, Michigan, for a two-day trip to view firsthand how the CDFI Fund's New Markets Tax Credit (NMTC) Program is providing needed jobs and support to local businesses. It would be very difficult for me now to describe the economic conditions that I saw firsthand during my visit, but what stood out the most was the entrepreneurial spirit of the small business that was remarkably resilient.